How Does Regulation Impact the Pharmaceutical Business?
Regulatory bodies ensure that medications are safe, effective, and of high quality before they reach the market. Compliance with these regulations is mandatory and can be both time-consuming and expensive. Non-compliance can result in severe penalties, including fines and product recalls, which can damage a company's reputation and financial standing.
Regulations also impact marketing and sales strategies. For instance, direct-to-consumer (DTC) advertising is heavily regulated in many countries. Companies must navigate these regulations carefully to avoid legal repercussions while effectively promoting their products.